olivLaw · US equity research
X Financial XYF
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
X Financial is a Chinese fintech platform that connects personal borrowers, mainly young consumers, with institutional funding partners using big data risk technology. Net revenue reached RMB 7,639.4 million in 2025, but the 31-60 day delinquency rate rose to 2.90%, and tighter regulatory limits on total borrowing costs are now a central issue for its model.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, X Financial (XYF) stock was 4.96 USD (+2.06% on the day), with market capitalisation 1.2 bn USD, P/E 5.9 on diluted EPS of 0.84 USD over the last 12 months, dividend yield 1.79%, beta 0.94, 52-week range 3.41–12.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.9
- neutral
- Bollinger (20, 2)
- 4.70 – 5.16
- in the upper half of the band · %B 0.57 · band width 9.4%
- SMA 50 / 200
- 5.11 / 4.97
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −2.0% | +2.2 pp | — |
| 3 months | −2.2% | −2.2% | −0.0 pp | — |
| 6 months | −0.8% | +4.3% | −5.1 pp | — |
| Year to date | −11.4% | +10.6% | −22.0 pp | — |
| 1 year | −59.3% | +10.5% | −69.8 pp | −53.7% |
| 3 years | +19.5% | +73.7% | −54.1 pp | −69.3% |
| 5 years | +8.3% | +61.7% | −53.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 7-quarter history (min 6.4, median 8.2, max 30.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 515.0 m | 443.6 m | 336.1 m | 569.1 m | 516.6 m | 678.2 m | 804.4 m | 1.1 bn |
| Revenue YoY | unavailable | −13.9% | −24.2% | +69.3% | −9.2% | +31.3% | +18.6% | +35.8% |
| Net income | 128.4 m | 111.2 m | -200.5 m | 129.5 m | 117.7 m | 167.2 m | 211.0 m | 209.4 m |
| Net income YoY | unavailable | −13.4% | −280.3% | unavailable | −9.1% | +42.0% | +26.2% | −0.7% |
| Diluted EPS | 0.42 | 0.35 | -0.62 | 0.38 | 0.37 | 0.57 | 0.72 | 0.84 |
| Diluted EPS YoY | unavailable | −16.7% | −277.1% | unavailable | −2.6% | +54.1% | +26.3% | +16.7% |
| net % | 24.9% | 25.1% | -59.7% | 22.8% | 22.8% | 24.6% | 26.2% | 19.2% |
| Free cash flow | -4.8 m | 84.1 m | -104.9 m | 70.1 m | 45.9 m | 113.5 m | 206.8 m | 206.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 141.2 m USD
- Financial debt
- 58.6 m USD
- Net debt
- -82.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 0.05x
- Current ratio
- unavailable
- ROE
- 19.8%
- ROA
- 11.3%
- FCF margin
- 18.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 336.1 m | 569.1 m | 516.6 m | 678.2 m | 804.4 m | 1.1 bn | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 317.5 m | 308.0 m | 308.3 m | 404.2 m | 238.1 m | 288.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 18.6 m ≈ | 261.0 m ≈ | 208.2 m ≈ | 274.0 m ≈ | 566.3 m ≈ | 803.5 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Operating income | -219.2 m | 205.7 m | 156.9 m | 202.5 m | 256.7 m | 233.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 1.8 m | 1.3 m | 963.6 k | 740.9 k | 986.2 k | 1.6 m | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | -217.4 m ≈ | 207.0 m ≈ | 157.9 m ≈ | 203.2 m ≈ | 257.7 m ≈ | 234.7 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Pre-tax income | -245.4 m | 186.9 m | 177.4 m | 197.6 m | 259.5 m | 250.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 46.0 m | 57.9 m | 56.5 m | 35.1 m | 55.6 m | 41.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | -200.5 m | 129.5 m | 117.7 m | 167.2 m | 211.0 m | 209.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | -0.62 | 0.38 | 0.37 | 0.57 | 0.72 | 0.84 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 321.2 m | 336.9 m | 322.4 m | 290.8 m | 293.4 m | 249.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividend per share | — | — | — | 0.06 | 0.03 | 0.09 | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 114.4 m | 91.8 m | 87.3 m | 168.4 m | 134.9 m | 141.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | 1.7 m | 971.1 k | 849.8 k | 1.2 m | 2.2 m | 3.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | 5.7 m | 5.8 m | 5.3 m | 5.2 m | 5.0 m | 5.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.6 bn | 2.1 bn | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | — | — | — | 45.0 m | 58.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | 677.7 m | 528.2 m | 592.2 m | 817.3 m | 666.7 m | 976.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 482.7 m | 576.6 m | 669.5 m | 823.6 m | 994.3 m | 1.1 bn | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -104.1 m | 70.5 m | 46.8 m | 114.7 m | 208.7 m | 209.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 822.3 k | 411.1 k | 877.9 k | 1.2 m | 1.9 m | 3.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -104.9 m ≈ | 70.1 m ≈ | 45.9 m ≈ | 113.5 m ≈ | 206.8 m ≈ | 206.7 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -567.8 m | -368.4 m | -132.4 m | -155.8 m | 16.7 m | -152.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 688.2 m | 204.2 m | 83.6 m | 172.9 m | -265.1 m | 11.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | — | — | — | 8.2 m | 16.0 m | 22.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Share repurchases | — | — | 21.3 m | 3.5 m | 25.0 m | 105.0 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 94 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation86
- Quality94
- Growth100
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.84 – 19.49 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E2.84 – 19.49 (Mid 14.16)9 companies used · median multiple 16.9x · quartiles 3.4x – 23.2xAXP, DEFT, HKD, JFU, LX, SOFI, VIP, WD, YRD
- Dividend discount (DDM)outside the aggregate1.17 – 1.57 (Mid 1.34)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 94/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.0% | 100 (vs peers) | 12% |
| Net margin · Quality | 19.2% | 82 (vs peers) | 7% |
| FCF conversion · Quality | 98.7% | 98 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 28.4% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 31.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 5.9x | 67 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.6x | 95 (on a fixed band) | 12% |
| FCF yield · Valuation | 17.8% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 10.9% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 10.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation86/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
X Financial (XYF). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 35.8%; net margin 19.2%; ROE 20.2%; net debt/EBITDA -0.4x.
The estimated value range is 2.84–19.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.16 USD, the price of 4.96 USD leaves a potential of 185.5% (value / price − 1) and a margin of safety of 65.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 94/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.0%
- Net margin: 19.2%
- FCF conversion: 98.7%
- Revenue CAGR 3Y: 28.4%
- EPS CAGR 3Y: 31.4%
- Net debt / EBITDA: -0.4x
- EV/EBITDA: 4.6x
- FCF yield: 17.8%
- Shareholder yield (distributions): 10.9%
- Payout ratio (FCF): 10.7%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Current ratio.
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −59% / +20% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for XYF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.45 Total return -29% · Per year -29% | 6.06 Total return 24% · Per year 24% | 9.10 Total return 86% · Per year 86% |
| 3 years | 4.09 Total return -12% · Per year -4% | 8.02 Total return 69% · Per year 19% | 13.10 Total return 174% · Per year 40% |
| 5 years | 4.85 Total return 8% · Per year 1% | 10.61 Total return 129% · Per year 18% | 18.86 Total return 300% · Per year 32% |
- Exit P/E± 2.00
- Net margin± 1.40
- Annual revenue growth± 1.05
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (24 Aug 2026), 6-K (17 Jun 2026), 6-K (27 May 2026).
In brief
X Financial is a Chinese fintech platform that connects personal borrowers, mainly young consumers, with institutional funding partners using big data risk technology. Net revenue reached RMB 7,639.4 million in 2025 1, but the 31-60 day delinquency rate rose to 2.90% 1, and tighter regulatory limits on total borrowing costs are now a central issue for its model.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit riskhigh
Delinquencies rose across categories in 2025, and further deterioration could require higher provisions 1.
- Regulatory riskhigh
Strict caps on total borrowing cost can directly affect the revenue model and operating results 1.
- Guarantee riskhigh
Contingent guarantee liabilities have grown sharply and could keep rising if repayments deteriorate 1.
- Dependence on institutional fundersmedium
Almost all funding comes from external partners; a change in their conditions could limit loan volume 1.
- Macroeconomic riskmedium
Higher interest rates or rising unemployment could reduce loan demand and repayment capacity 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in the 31-60 day delinquency rateQ1 2027
- Enforcement of total borrowing cost caps for microcredit and consumer finance2027
- Level of provisions for contingent guarantee liabilitiesnext 10-K
- Number of active borrowers and total loan volume facilitated2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (24 Aug 2026), 6-K (17 Jun 2026), 6-K (27 May 2026).
The business
X Financial is a Chinese fintech platform focused on technology-driven personal finance and loan facilitation, with its ADSs traded on the NYSE under the symbol XYF 1. Its main product is Xiaoying Credit Loan, especially Xiaoying Card Loan, an unsecured online personal credit loan aimed mainly at young people early in their careers 1. The company does not fund most loans from its own balance sheet: institutional partners provided 96.6% of loan funding in 2025 1.
Its revenue model combines loan facilitation fees, post-origination service fees, interest income from its microcredit business, and guarantee income through its subsidiary Tianjin Yuexin 1. The WinSAFE risk system uses traditional credit data along with behavioral data from online platforms, and financial institutional cooperators such as insurance and guarantee companies provide protection against default 1.
The company reports that net revenue per employee rose in 2025 and that general and administrative expenses are a small share of revenue, reflecting a model that is not labor-intensive 1. However, a growing share of profit depends on guarantees, and provisions for these guarantees rose sharply in 2025 1.
Segments
Loan facilitation and post-origination fees
Loan facilitation service revenue reached RMB 3,843.0 million in 2025, and post-origination service revenue RMB 1,074.5 million 1. This line depends on loan volume and fee structures per product, which are sensitive to regulatory pressure on total borrowing costs 1.
Financing and guarantee income
Microcredit financing income was RMB 1,397.0 million in 2025, and guarantee income rose to RMB 636.6 million from RMB 201.7 million in 2024 1. The growth in guarantee income came together with much larger provisions for contingent liabilities 1.
Other revenue
Other revenue increased to RMB 688.4 million in 2025 1. The source does not detail its components, so its impact on profitability remains to be verified in future reports.
Market context
Demand for online personal credit in China is driven largely by young people and by those with limited access to traditional credit cards 1. The growth in active borrowers, from 4,495,997 in 2023 to 6,688,186 in 2025, suggests the segment still has room to expand 1. Demand, however, depends on interest rates, unemployment and real disposable income, factors the company explicitly flags as sensitive 1.
Regulators have begun bringing loan facilitation platforms under formal supervision, and the 24% per annum cap on total borrowing cost has become a practical benchmark 1. The company regards this as an extension of existing policy, but says it could have a material adverse effect on results 1.
Trends
- Growth in loan volume and borrower basetailwind
Total loans facilitated rose to RMB 130,552 million in 2025, and the number of active borrowers grew as well 1. If this growth holds, it could support fee and service revenue 1.
- Deterioration in credit qualityheadwind
The 31-60 day delinquency rate rose from 1.17% to 2.90% in 2025, and the 91-180 day rate reached 6.31% 1. The company links this to macroeconomic conditions and a more conservative industry risk posture 1.
- Regulatory pressure on borrowing costsheadwind
NFRA Notice 9 and tighter caps for microcredit and consumer finance could reduce fee income 1. The company states it cannot exclude operating losses in future periods 1.
- Guarantee model and cooperation with insurersmixed
Growth in guarantee income and in cooperation with external guarantee companies could diversify revenue and strengthen funder confidence 1. However, guarantee provisions have grown substantially and represent a cost risk 1.
Competitive position
The source provided does not identify the company's direct competitors in detail, so this analysis is limited to the positioning factors the company itself describes 1. Its stated advantage lies in access to bank-grade credit data through cooperators and in its proprietary scoring system 1.
According to the company, competitive pressure shows up in market fee rates, which directly affect the prices charged to borrowers 1. Attracting and retaining borrowers at reasonable acquisition cost remains a decisive factor 1.
- Institutional funding partners (banks, consumer finance companies, trusts)
They are not direct competitors but funders of facilitated loans; their dependence is nonetheless a vulnerability, according to the company 1.
- External insurance and financing guarantee companies
Cooperators that protect against default; they are both a source of confidence and a concentration risk 1.
- Other online personal credit platforms in China
Competitors facing the same regulatory pressure and competing for the same borrowers; the source does not name them 1.
- Microcredit and consumer finance operators
Companies competing in the same customer segments and subject to the same new cost caps; the source does not name them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- X Financial Q2 Earnings Call HighlightsYahoo Finance — News · 24 Aug 2026 · EN
SEC filings
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)27 May 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)25 Mar 2026
- Current report (foreign issuer)20 Nov 2025
- Current report (foreign issuer)18 Nov 2025
- Current report (foreign issuer)26 Sept 2025
- Current report (foreign issuer)18 Aug 2025
- Current report (foreign issuer)23 May 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / X Financial · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.